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Title: Long-Term Secrets to Short-Term Trading by Larry Williams ISBN: 0-471-29722-4 Publisher: Wiley Pub. Date: 11 March, 1999 Format: Hardcover Volumes: 1 List Price(USD): $80.00 |
Average Customer Rating: 4.15 (34 reviews)
Rating: 5
Summary: Renegade's Review
Comment: The Austin Renegades are a team of comodity traders and PhD level mathmaticians that are examining the strategies and models put forth my Mr. Williams. Using chaos math (as preached by the infamous "Predictors" of Santa Fe) as a harsh judge of Larry's hypothesis, the results are completely as advertised.
Beyond his algorythmic success is the more important theme that long-term good trading is a result of hard work, discipline, and most of all, money management.
Assuming the above, Mr. Williams breaks down trading success into two components: Market Bias(set-up) and Entry/Exit Strategy. He hammers home that both are necessary for long term sucess.
In short, his work is not a "Holy Grail" of trading to be followed blindly, but a definitive trading tool to be incorporated into one's own personal style. An absolute must for any traders library.
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As an aside, we have read some the vituperative commentary directed at Mr. Williams via the forum of these book reviews. We speculate on the motivation since the diatribe was not focused on the publication, but he author.
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Rating: 5
Summary: A Great Source for System Ideas
Comment: I have traded for almost 7 years and have read over 120 trading books. Out of all of those books only about 6 are worth anything. This book by Larry Williams is one of the good ones. No book is going to hand you a great trading system, but this book gives you a number of very solid ideas upon which to build a good system. As Larry says in his book, take his basic ideas and put in hours of work to figure out how to get them to work for you. If you are looking for a way to read a book and then start making tons of money, that book does not exist as far as I know. This book plus a lot of work can get you there. The only question I still have about Larry Williams is why did he sell books in the past that claimed to show you his million dollar methods (mid to long term) when it was obvious that he was using completely different methods for his own account (short term). Account statements printed in his pamphlets and books clearly proved that.
Rating: 4
Summary: One of the few worth reading
Comment: Although the author has "legendary" status in the trading world, every now and then one comes across biting criticisms of him and his work. One reason for this I'm sure, are the little inconsistencies which occur in his ouvre.
For example, up until the publication of this book, he had written a few, which in hindsight, were all about longer term trading.
It now seems he has been trading short term for years.
Also, he says in Long Term Trading that he trades bonds and the S&P, and yet other quotes I've seen attributed to him say he trades the stock index only.
For all that, this is a tremendous book. Very easy to read but the devil is in the detail.
My only criticism is that at times the editing is very poor, and a simple literal when discussing trading systems can turn a winning system into a losing system.
Also his results were attained using Omega/Trade Station and when the same systems are tested using a different software, the results can flucuate enormously, sometimes invalidating the original system tested. This point seemed to surprise Larry but is one he should have been aware of.
However, it is undoubtedly the best book on trading I've read.
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Title: The Right Stock at the Right Time: Prospering in the Coming Good Years by Larry Williams, Larry Williams ISBN: 047143051X Publisher: Wiley Pub. Date: 02 May, 2003 List Price(USD): $27.95 |
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Title: Day Trade Futures Online (Wiley Online Trading for a Living) by Larry Williams ISBN: 0471383392 Publisher: Wiley Pub. Date: 11 May, 2000 List Price(USD): $35.00 |
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Title: The Secrets of Selecting Stocks for Immediate and Substantial Gains by Larry Williams ISBN: 0930233050 Publisher: Windsor Bks/Probus Pub. Date: 01 October, 1986 List Price(USD): $25.00 |
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Title: How I Made $1,000,000 Trading Commodities Last Year by Larry R. Williams ISBN: 0930233107 Publisher: Windsor Bks/Probus Pub. Date: 01 June, 1979 List Price(USD): $50.00 |
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Title: The Definitive Guide To Futures Trading (Volume I) by Larry Williams ISBN: 0930233190 Publisher: Windsor Bks/Probus Pub. Date: 1988 List Price(USD): $50.00 |
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